Section 392 | The interest capacity of a worldwide group for a period of account F1
From legislation.gov.uk
16 November 2017
(1)For the purposes of this Part “the interest capacity” of a worldwide group for a period of account of the group (“the current period”) is (subject to subsection (2))—F1
Formula
where—
A is the interest allowance of the group for the current period (see Chapter 5);
B is the aggregate of the interest allowances of the group for periods before the current period so far as they are available in the current period (see section 393).
(2)Where the amount determined under subsection (1) is less than the de minimis amount for the current period, the interest capacity of the worldwide group for the period is the de minimis amount.F1
(3)For this purpose “the de minimis amount” for a period of account is—F1
(a)£2 million, orF1
(b)where the period is more than or less than a year, the amount mentioned in paragraph (a) proportionately increased or reduced.F1